UPDATE 1-Toyota details safety fix in US, shares jump

* Announcement lifts shares after 18 pct slide on recalls

* Toyota exec vice president to brief at 0430 GMT in Nagoya

TOKYO, Feb 2 (BestGrowthStock) – Toyota Motor Corp (7203.T: ) shares
jumped more than 5 percent on Tuesday after it detailed plans to
fix nearly 4.5 million vehicles equipped with faulty accelerators
in North America and Europe.

Toyota, fighting to preserve its reputation for quality, said
it would restart production of eight models on Feb. 8 after a
planned one-week shutdown at six plants in the United States and
Canada. [ID:nTOE61007K]

The top automaker said on Tuesday that Executive Vice
President Shinichi Sasaki, in charge of quality, will hold a news
conference in Nagoya at 1:30 p.m. (0430 GMT) related to the
recalls. Toyota President Akio Toyoda will not attend, it said.

The jump in its shares comes after about an 18 percent tumble
over the last seven business days. A weaker yen also boosted
shares in the world’s largest automaker, some investors said.

Toyota faces a growing number of lawsuits claiming it and its
U.S. supplier CTS Corp (CTS.N: ) endangered drivers by not acting
sooner to fix a problem with faulty accelerator pedals.

Rivals such as General Motors Co [GM.UL], Ford Motor Co (F.N: )
and Hyundai Motor Co (005380.KS: ) have been offering discounts
targeting Toyota customers.

On Monday, Toyota began shipping parts to fix faulty
accelerators in vehicles in North America and Europe, and said it
would restart North American production on Feb. 8 after an
unprecedented shutdown prompted by the problem.

The moves by Toyota marked the most detail the automaker has
provided on its plans to address a safety issue that threatens
its finances and reputation, and will have dented its U.S. sales
for January.

Lawsuits announced on Monday in the U.S. claimed Toyota had
ignored signs of trouble with some of its top-selling models. The
suits are part of what is expected to be a wave of litigation
against the automaker for claims ranging from losses on car
resale values to injury and death.

Analysts and dealers said it would take months for the
automaker to fix all of the vehicles at risk of having an
accelerator pedal stick in the open position.

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(Reporting by Elaine Lies, Mayumi Negishi; Editing by Hugh

UPDATE 1-Toyota details safety fix in US, shares jump